Fac 1503 Study guides, Study notes & Summaries

THIS DOCUMENT CONTAINS ECS1601 ASSIGNMENT 3 SEM 2 OF 2023 QUESTIONS AND EXPECTED ANSWERS , STUDYING IT FIRST BEFORE YOU DO YOUR ASSIGNMENT ENSURES YOU SCORE MORE THAN 80%.

Question 1 of 35 1.0 Points The advocate’s journal is used to record those transactions that cannot be recorded in any of the other journals. True False Question 2 of 35 1.0 Points Trust money may include money paid in by a third party (the buyer) in respect of purchase transactions. True False

Question 1 Please match the accounting term with the most suitable definition, example or description provided. B. Reflects the cash inflows and outflows of the business for a specific period. C. Reflects: Assets = Equity + Liabilities 1. Statement of financial position 2. Statement of changes in equity 3. Statement of cash flows Question 2 Solvency is the availability of cash and other items, which can easily be converted into cash to pay short term debt. True False Ques...

THIS DOCUMENT CONTAINS CONTAINS QUESTIONS AND ANSWERS FROM 7 MOST RECENT ONLINE ASSESSMENT DONE IN 2021. YOUR OWN QUESTIONS ARE LIKELY TO BE THE SAME OR SIMILAR THEREFORE PRACTICE WITH THIS PACK WILL ENSURE A VERY HIGH MARK

Part 1 of 5 - Question 1 of 35 1.0 Points The advocate’s journal is used to record those transactions that cannot be recorded in anyof theother journals. True False Reset Selection Question 2 of 35 1.0 Points The individual amounts in the books of prime entry are posted to the personal accounts of theclients and trust creditors in the subsidiary ledgers, and do not form part of the double entrysystem. True False Reset Selection Question 3 of 35 1.0 Points Trust money may include mo...

Online Self-Assessments of Learning Units 1-7 of FAC1503 Pages 45

FAC1503 ASSIGNMENT 1 & 2 FOR 2023

FAC 1503 made very easy. Expand your knowledge in order to pass FAC 1503. All the Accounting formulas and definitions that you will need to understand FAC 1503. Assets and liabilities are explained with examples. Understand the different types of accounts with easy examples. Accounting process is explained in a easy way with relevant examples. Know how to calculate VAT and Depreciation.

QUESTION 1 (18 marks) (22 minutes) You are provided with the following transactions for My-Shop Traders, using the periodic inventory system. My-Shop Traders is not registered as a VAT vendor. 1. Sold goods on account to Mandi Thibadira for R4 400. 2. Mandi Thibadira returned damaged goods worth R300, being not according to the sample she ordered. 3. Purchased goods from Welcome Traders for R15 400 less 20% trade discount. 4. Paid Welcome Traders by cheque, less 5% settlement discount. (S...

Question 1 of 39 3.0 Points Please match the accounting term with the most suitable definition, example or description provided. A. When all the financial information of a business entity that is needed to understand the economic events and transactions were included in the financial statements, we can say that the information adhered to the fundamental characteristic of …………………. B. Reflects all the income earned and expenses paid by a business entity for a specific period. C. ...